Over the last 48 hours, Joe Biden made it pretty clear who voters should blame if inflation doesn’t recede sometime between now and the midterm
Month: May 2022
Only A Ukraine Cease Fire Can Stop Stock Bear Market
If you’re betting on anything more than a short-lived bounce in US equities, an end to the war in Ukraine is your best (and perhaps
US Home Prices Stage ‘Final Parabolic Spurt’
The historic surge in US home prices took another dramatic leg higher in what may be seen, in retrospect, as the last gasp of the
Europe’s Ban On Russian Oil Isn’t ‘Maximum Pressure’
Europe stumbled towards a modified embargo on Russian oil Tuesday, after Brussels agreed to ban seaborne crude, while sparing some pipeline flows in an effort
In Europe, Depressing Data Suggests Die Is Cast
“The latest inflation figures… confirm the necessity of a gradual but resolute monetary normalization,” Francois Villeroy said Tuesday, during a speech at France’s banking and
US Consumer Confidence Holds Up. With Caveats
Optimists claimed a small victory in the tug of war for control of the macro narrative Tuesday, when a measure of US consumer confidence came
Inflation Isn’t Done With Us Yet
Markets pull forward expected future outcomes, so there’s a sense in which you could argue the inflation shock and rates tantrum are old news. It’s
Hedge Funds Face The Music After Historic ‘VIP’ Drag
Hedge funds may be hit with $20 billion in redemptions during the remainder of this year. The figure comes from Citco, and it’s contingent on
Stock Rebound Gets Test From US Jobs Report, Data Deluge
The holiday-compressed US trading week features a daunting data docket that’ll test investors’ mettle after a fledging rebound on Wall Street helped the S&P to
Normal. With Chinese Characteristics
Investor sentiment was a semblance of buoyant to start the new week as China eased some COVID restrictions. An official in Shanghai said “unreasonable” measures
Billions At Stake As Bored Ape Battles Crypto Bear
I’ve welcomed quite a few new readers this year, and particularly over the past few months. For those folks, I want to emphasize that I
Is Decentralized Finance Imploding?
“You can’t issue unlicensed securities and use your friends as the underwriters,” I told someone who’s much smarter than me a few months back. We
‘The Market Is Always Embracing The Worst Possible Scenario’
“What if the curve has been right all along?” Deutsche Bank’s Aleksandar Kocic wondered, in a new note. He was referring to front-end pricing for
Retail Investors Sell Almost All Stocks Bought During Pandemic
We talk incessantly (and often derisively) about “the retail investor.” We’re never very precise about who we mean. Part of the problem is that investors
The Stock Selloff Probably Isn’t Over
Foraging for winners in the smoldering wreckage of 2022’s charred cross-asset landscape conjures The Road, when Viggo Mortensen and his son find a surviving can
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